Ethereum developer Tim Beiko announced in his blog that Ethereum ‘s London hard fork will launch on August 4 between 13:00 UTC and 17:00 UTC with block 12,965,000.
The Ethereum upgrade “London” coming in few days days will be a “Hard Fork”
- What is a Hard Fork?
A hard fork is when nodes of the newest version of a blockchain no longer accept the older version(s) of the blockchain; which creates a permanent divergence from the previous version of the blockchain.
Adding a new rule to the code essentially creates a fork in the blockchain: one path follows the new, upgraded blockchain, and the other path continues along the old path. Generally, after a short time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version.
Holders of tokens in the original blockchain will be issued tokens in the new fork as well, but miners must pick which blockchain to continue verifying in a hard fork.
A hard fork can occur in any blockchain, including Bitcoin (where hard forks have resulted in the creation of Bitcoin Cash and Bitcoin SV, among other things) and Ethereum classic (which was established as a result of a previous upgrade).
- In parallel to the Hardfork, there’s also a Solftfork.
Hard forks and soft forks are essentially the same in the sense that when a cryptocurrency platform’s existing code is changed, an old version remains on the network while the new version is created.
With a soft fork, only one blockchain will remain valid as users adopt the update. When a hard fork occurs, both the old and new blockchains coexist, requiring software to be updated to comply with the new regulations.
Both forks result in a split, however a hard fork results in two blockchains, whereas a soft fork is intended to result in just one.
Soft-forking, for example, can be used to reduce block size. However, you will not be automatically disconnected from the network if you do so. You can still communicate with nodes that aren’t following the rules, but some of the data they send you is filtered out.